Pending Home Sales Rise in January to Highest Level in 18 Months
Improved buyer demand at the beginning of the year pushed pending home sales in January to their highest level since August 2013, according to the National Association of Realtors (NAR). All major regions except for the Midwest saw gains in activity in January.
The Pending Home Sales Index (PHSI), a forward-looking indicator based on contract signings, climbed 1.7% to 104.2 in January from an upwardly revised 102.5 in December and is now 8.4% above January 2014 (96.1). This marks the fifth consecutive month of year-over-year gains with each month accelerating the previous month’s gain.